According to crypto analyst Tony M, it is possible for the Shiba Inu (SHIB) to witness a sharp decline. Analyst Akash Girimath notes that Dogecoin (DOGE) is likely to drop by 20% if buyers do not defend this level. We have compiled analysts’ SHIB and DOGE analyzes for our readers.
SHIB analysis: We all won, now comes the pain!
The Shiba Inu continues to confirm forecasted technical looks over the summer. However, the same bullish thesis, the uptrend appears to be part of a larger corrective structure. Hence, it has given a warning to immediately withdraw from the market once the intended target area of $0.00001700 is reached. Techniques predicted the potential for a sharp decline once the target was reached.
SHIB is currently trading at $0.00001428. The volume profile indicator is signaling a massive increase in trades while violating the bullish target. However, the bearish candle next to it is showing a relevant signal. The bulls have yet to challenge the strength of the stop candles, which are trading more than the previous consolidation zone that led to a one-month consolidation in July. Additionally, the RSI shows that SHIB was oversold in February 2022 compared to when it was trading 150% higher.
SHIB 1-day chartAll in all, SHIB is likely to head south to gather liquidity around $0.00000975. This means a 33% reduction from today’s current value. The invalidation of the bearish thesis will be a closing candle above $0.00001875.
SHIB trade setup summary
cryptocoin.com As you follow, SHIB has recently gained an impressive 35% in just one day. Over the summer, the outlook for SHIB remained in a short-term bullish stance with targets in the $0.00001400 – $0.00001550 area. In last week’s bullish thesis, there was a 2.7-1 reward prediction for risking the trade setup.
SHIB bull tader setupA volatile rise towards $0.00001300 is possible to be a major catalyst for higher targets. The invalidity of the uptrend remains at $0.00001150.
Shiba Inu Hodl thesis
After detecting a bearish trend on the daily chart, an update has been released recommending pursuing profitable trades and higher targets. Still, the targeted target zone at $0.00001400 is within arms reach. If the target is exceeded, it is possible for traders to want to realize profits. Because bearish divergences tend to lead to liquidations after the event. Early signs of weakness in the uptrend will be a break below $0.00001217.
Dogecoin (DOGE) price at inflection point
DOGE saw a spike in buying pressure. This resulted in a 12% rally on 12 August. This move has struggled with a downtrend line that has served as a resistance level for over 400 days. The obvious response was a refusal, which prompted DOGE to reclaim its 12% gain. As a result of this correction, Dogecoin is currently retesting the $0.072 support level. This area will be a good level for buyers who missed the previous rally.
However, these investors need to take into account that the ongoing market crash will take a hit. In this case, DOGE is likely to produce at least a 12% increase retesting the $0.082 hurdle. Due to the current market conditions, it is possible for a rejection here to lead to a rapid break of the $0.072 support base and a revisit of the $0.062 barrier.
DOGE 1-day chartThe best-case scenario for long-term buyers or swing traders involves a sweep of equal lows of $0.057. This liquidity run is likely to trigger a shift in the trend that will allow traders to continue a rapid rise towards the $0.062 or $0.072 levels in a fairly high situation.
A bearish trend is more likely for Dogecoin. However, there are opportunities to expose the market if the $0.072 support base is broken. This situation is unlikely to happen. However, a daily candlestick above $0.093 will invalidate the bearish thesis. Because not only does it break out of the 400+ day downtrend, it also removes major hurdles in the process. In such a case, DOGE is likely to climb higher and retest the $0.109 hurdle.
